"Given shorter-term moving averages have all turned higher
in recent weeks and the bullish price action recently, this
golden cross today is an additional indicator of strength in an
already strong market," said Adam Sarhan, chief executive of
Sarhan Capital.

The previous long-lasting golden cross on bullion charts was
formed on Feb. 6, 2009, and gold prices surged 11 percent in the
following 11 sessions.

Technical traders and momentum-driven investors could buy
more gold as the bullish formation will remain in place as long
as the current gold price stays sharply above its 50-day and
200-day moving averages.

On Thursday, gold traded nearly flat at $1,768 an
ounce, more than $100 higher than its 50 DMA at $1,650 and its
200 DMA at $1,645.

Gold has gained nearly $200 or 10 percent in the past four
weeks.

Gold is within $20 to reach its 2012 high of $1,790.30 an
ounce set on Feb. 29. A new round of bond buying by the U.S.
Federal Reserve last week and loose monetary policies from other
major central banks have rekindled the metal's appeal as a
traditional inflation hedge.

ACCRA, Dec 9 Ghana's main opposition leader,
Nana Akufo-Addo, has won the West African country's presidential
election with an absolute majority over President John Mahama,
two influential private radio stations said on Friday.